HomeMy WebLinkAboutMINUTES - 05161995 - 1.39 Contra
Costa
TO: BOARD OF SUPERVISORS
County
FROM: Harvey E. Bragdon
Director of Community Development
DATE: May 16, 1995
SUBJECT: CDBG Project Agreement and Loan Documents for the Bay Point
Multifamily Rental Housing Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director, Redevelopment, or his designee to
execute a Community Development Block Grant (CDBG) Project Agreement
and required loan documents for the Bay Point Multifamily Rental
Housing Project to be developed by BRIDGE Housing Corporation.
FISCAL IMPACT
No General Funds are involved. CDBG funds are federal funds provided
to the County by formula allocation through the U.S. Department of
Housing and Urban Development.
BACKGROUND./REASONS FOR RECOMMENDATIONS
On February 14, 1995, the Board of Supervisors approved the allocation
of FY 1995/96 Community Development Block Grant funds to eligible
projects and activities, including $300,000 in funds for the Bay Point
Multifamily Rental Housing Project. The purpose of the Bay Point
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDA I OF BOAb- COMMITT
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT r ) TRUE AND CORRECT COPY OF AN
AYES : NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Contact: Kathleen Hamm
646-4208 ATTESTED s
cc: County Administrator PHIL B CHEL , CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller (N. Garnett) AND COUNTY ADMINISTRATOR
Community Development
BRIDGE via Comm. Dev. BY , DEPUTY
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Project is to increase the supply of housing affordable to lower-
income households through the new construction of 46 units of
additional rental housing in East County. The project will be
developed by BRIDGE Housing Corporation on a 1 . 8 acre site located
on the southwest corner of Willow Pass Road and Albers Lane in the
Bay Point Redevelopment Area. As proposed, the project will
include 21 two-bedroom, eight three-bedroom, and nine four-bedroom
apartments and townhomes appropriate for large families . All units
will be affordable to and occupied by households with incomes at or
below 50 percent of the Area Median Income ($27, 700 for a four-
person household) . The units will remain affordable for a minimum
of 60 years .
The total development cost for this project is $6 . 5 million or
$141,908 per unit. CDBG funds will be used for site acquisition
and provided in the form of a 60-year residual receipt or deferred
loan with occupancy and affordability restrictions incorporated.
In previous actions, the Board of Supervisors approved $800,000 in
County Redevelopment Agency funds for this project. A
recommendation for an allocation of $250,000 in FY 1992 County HOME
funds is also on the May 16 Board Agenda.
Funding sources for this project include the following:
FY 1995/96 Contra Costa County CDBG Funds $ 300,000
FY 1992 Contra Costa County HOME Funds $ 250, 000
County Redevelopment Agency Funds $ 800,000
Low-Income Housing Tax Credits (LIHTCs) $3, 947, 782
Private Lender Financing $1,230, 000
TOTAL $6,527, 782
Expenditure of the CDBG funds will be contingent on approval of an
allocation of LIHTCs for this project by the State.
In addition to expanding the supply of decent, safe and affordable
housing for lower income households in East County, successful
completion of the Bay Point Multifamily Rental Project will
significantly contribute to the redevelopment of the Bay Point
Project Area.
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